Spain agreed last weekend to take a European bailout for its banks but investors are worried it will not solve the country's problem as the government may have trouble paying the money back.

Fitch said in a statement that its downgrade of the banks was a result of a previous downgraded of the Spanish sovereign debt on June 7. Fitch says it had conducted stress tests, both on the Spanish banking sector as a whole and on individual banks, updating results from tests done in 2011.